Foxconn Mega-Project Is Business Facilities’ 2017 Deal Of The Year

posted by Jay Weber -
Jan 11, 2018

The Wisconsin Economic Development Corp.has snared the Gold Award as Business Facilities’ 2017 Economic Development Deal of the Yearfor the $10.7-billion Foxconn LCD production facility project, the magazine announced today.

“With an incredible bounty of 13,000 direct new jobs in the next five years and a world-class, 20 million-square-foot production facility, our judges unanimously agreed that the Foxconn project deserved our top honor as the 2017 Deal of the Year,” BF Editor in Chief Jack Rogers said.

The Silver Awardin BF’s annual Deal of the Year competition went to Greater New Orleans, Inc.and Louisiana Economic Developmentfor DXC Technology’s commitment to establish a Digital Transformation Center in NOLA’s Central Business District, an initiative that will create 2,000 high-wage jobs in the global IT and business enterprise sector.

Corpus Christi (TX) Regional Economic Development Corp. snared BF’sBronze Award for the Gulf Coast Growth Ventures ethane cracker, a project that will have an estimate direct economic impact for the region of $11.3 billion over the next 10 years.

Rogers said the 2017 contest was BF’s most robust Deal of the Year competition to date, with more than 30 top-tier projects nominated representing locations across the U.S.

In October, Foxconn (Hon Hai Precision Industry Co., Ltd) confirmed it would build North America’s first 10.5 TFT-LCD flat-screen panel production facility in Mount Pleasant, WI. Foxconn is projecting that up to 150 suppliers will locate in close proximity to the new plant, creating more than 35,000 jobs throughout Wisconsin (including direct, indirect and induced jobs). An estimated 10,000 construction workers will be employed to build the 20-million-square-foot facility, which is to be completed by the end of 2020.

Taiwan-based Foxconn, a major supplier to Apple (producing iPhones in China), received an estimated $3 billion in incentives from Wisconsin, including tax credits and infrastructure upgrades. When the deal was announced, Gov. Scott Walker declared the project would give Wisconsin its own version of Silicon Valley; jobs at the new Foxconn plant are expected to pay about $53,000 a year.